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Typhoon Holdings Ltd.

BSE: 512307 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Typhoon Holdings Ltd
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Typhoon Holdings Ltd. (TYPHOONHOLDINGS) - Auditors Report

Company auditors report

Auditors' Report

TO THE MEMBERS OF

TYPHOON HOLDINGS LIMITED

We have audited the attached Balance Sheet of the Typhoon Holdings Limited as at 31stMarch 2014 and also the Profit and Loss Account and Cash Flow Statement for the yearended on that date annexed thereto. These financial statements are the responsibility ofthe Company’s Management. Our responsibility is to express our opinion on thesefinancial statements based on our Audit.

We conducted our audit in accordance with auditing standards generally accepted inIndia. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. Anaudit includes examining on a test basis evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by the Management as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basis ofour opinion.

As required by the Companies (Auditors Report) Order 2003 (the order) issued by theCentral Government of India in terms of sub-section (4A) of section 227 of the CompaniesAct 1956 we enclose in the Annexure a statement on the matters specified in paragraphs 4and 5 of the said Order.

Further to our comments in the Annexure referred to above we report that:

1. We have obtained all the information and explanation which is to the best of ourknowledge and belief were necessary for the purpose of our audit.

2. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

3. The Balance Sheet Profit and Loss Account and Cash Flow Statement dealt with bythis report are in agreement with the Books of Account.

4. In our opinion the Balance Sheet Profit and Loss Account and Cash Flow Statementdealt by this report comply with the accounting standards referred to in sub-section (3C)of section 211 of the Companies Act 1956.

5. On the basis of written representations received from the Directors and taken onrecord by the Board of Directors we report that none of the Directors is disqualified ason March 31 2014 from being appointed as Director in terms of clause (g) of sub-section(1) of section 274 of the Companies Act 1956.

6. In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts give the information required by the Companies Act 1956 inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2014; and

b) In the case of the Profit and Loss Account of the Loss for the year ended on thatdate; and

c) In the case of the Cash Flow Statement of the Cash Flows for the year ended on thatdate.

For D.M. Oza & Associates
Chartered Accountants
Firm Registration No.: 119407W
D.M. Oza
Proprietor
Date : May 30 2014 M. No.: 106993

ANNEXURE TO THE AUDITORS’ REPORT

1. Clause 1(a) 1(b) & 1(c) are not applicable since Company does not have anyFixed Asset.

2. Clause 2(a) 2(b) & 2(c) is not applicable since there is no activity andinventory during the year.

3. The Company has neither granted nor taken any loans secured or unsecured to / fromcompanies firms or other parties covered in the register maintained under Section 301 ofthe Companies Act 1956. Therefore clause iii(b) iii(c) iii(d) iii(e) iii(f) andiii(g) of paragraph 4 of the order is not applicable to the Company.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business. During the course of our audit no major weakness has been noticedin the internal controls procedures.

5. A. According to the information and explanations provided by the Management we areof the opinion that no transactions made with the parties under Section 301 of theCompanies Act 1956.

B. Since no transaction entered this clause is not applicable.

6. The Company has not accepted any deposits from the public to which the directivesissued by the Reserve Bank of India and the provisions of section 58 A of the Act and therules framed there under apply.

7. The maintenance of cost records has not been prescribed for the products of theCompany by the Central Government under section 209(1)(d) of the Companies Act 1956.

8. A. The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund investor education and protectionfund employees’ state insurance income tax sales tax wealth tax custom dutyexcise duty cess and other statutory dues applicable to it. According to the informationand explanations given to us no undisputed amounts payable in respect of income taxwealth tax sales tax custom duty and excise duty were outstanding at the year end for aperiod of more than six months from the date they become payable.

B. According to information and explanation given to us and the records of the Companyexamined by us no disputed statutory dues on account of sales tax income tax wealthtax excise duty and cess.

9. The Company has accumulated losses at the end of the financial year and has incurredlosses in current and immediately preceding financial year.

10. According to the records of the Company examined by us and explanations given tous since the Company has not borrowed from financial institutions/banks para 4(xi) ofthe Order is not applicable to the Company.

11. The Company has not granted any loans and advances on the basis of security by wayof pledge of shares debentures and other securities.

12. In our opinion the Company is not a chit fund and nidhi/mutual benefitfund/society. Therefore the provisions of clause 4(xii) of the Companies (Auditors’Report) Order 2003 are not applicable to the Company.

13. In our opinion and according to the information and explanations given to us theCompany is not a dealer or trader in securities. Accordingly the provisions of clause4(xiv) of the Companies (Auditors’ Report) Order 2003 are not applicable to theCompany.

14. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

15. According to information and explanations given to us and on overall examination ofthe Balance Sheet of the Company no fund short term or long term have been raised by theCompany during the year para 4(xvi) of the Order is not applicable to the Company.

16. The Company has not made any preferential allotment of shares to the parties orcompanies covered in the register maintained under Section 301 of the Companies Act 1956.

17. The Company has not issued any debentures during the year and there are nodebentures outstanding on at the year ends therefore the question of creation ofSecurities does not arise.

18. The Company has not raised any money through a public issue during the year.

19. According to the information and explanations given to us we report that no fraudon or by the Company has been noticed or reported during the year.

For D.M. Oza & Associates
Chartered Accountants
Firm Registration No.: 119407W
D.M. Oza
Proprietor
Date : May 30 2014 M. No.: 106993